Making ready for OBBBA; your agency: the subsequent technology; braveness and foolishness; and different highlights from our favourite tax bloggers.
Get your self prepared
Primarily
- Nationwide Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): College is out and so are report playing cards. It is also time for the Taxpayer Advocate Service to publish its report card for the IRS. Plus, one other have a look at TAS’scurrent report to Congress. - TaxProf Weblog (
http://taxprof.typepad.com/taxprof_blog/ ): A current article examines the basic flaws in IRC Sec. 4960, which imposes an excise tax on nonprofit govt compensation exceeding $1 million. The availability, enacted as a part of the Tax Cuts and Jobs Act, rests on three fallacies. - Present Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): American Lighting Firm, Inc. v. United States of America needed to be filed on June 25, 2025, as a result of it was critically near the two-year statute of limitations for a refund swimsuit, given the IRS’s refund declare denial date of June 26, 2023. How the rationale for this exact timing and why the IRS’s lack of motion put the taxpayer in danger, with a have a look at procedural guidelines particular to refund fits and the bizarre dealing with of Worker Retention Credit score disallowances by the IRS. - The Nationwide Affiliation of Tax Professionals (
https://weblog.natptax.com/ ): This “You Make the Name” appears to be like at Edna and Stacy, who personal the accounting apply Counting Cowgirls LLC, and who bought a 2025 Subaru Forester and wrapped it with a vinyl graphic to advertise their enterprise. Is 100% of the mileage for the wrapped automobile deductible now that it is basically a cell billboard? - Cover (
https://www.getcanopy.com/weblog ): Do you actually need the subsequent technology of management on the agency that you simply labored onerous to construct to simply determine it out alongside their method? Tricks to put together them. - Mauled Once more (
http://mauledagain.blogspot.com/ ): Exhausting to Inform the Distinction Dept.: “Was This Convicted Tax Return Preparer Brave or Silly?”
What if?
- CLA (
https://www.claconnect.com/en/sources?pageNum=0 ): Actual-estate-owning purchasers on the lookout for methods to streamline tax compliance and improve deductions can look to an often-overlooked technique: the de minimis secure harbor election. - Sikich (
https://www.sikich.com/insights/ ): From roll-ups to what-ifs: What affiliation purchasers have to search for in budgeting instruments. - AICPA & CIMA Insights (
https://future.aicpa.org/weblog ): How generative AI can assist, and hurt, practices. - Avalara (
https://www.avalara.com/weblog/en/north-america.html ): An up to date listing of states’ gross sales tax holidays. - Wiss (
https://wiss.com/insights/learn/ ): Tips on how to prepare for New York State’s new Safe Alternative Financial savings Program, a state-mandated automatic-enrollment Roth IRA for employers who do not already provide a certified retirement plan. - Yeo & Yeo (
https://www.yeoandyeo.com/sources ): What to remind startup purchasers about their extraordinarily complicated tax scenario. - The Gross sales Tax Folks (
https://gross sales.tax/expert-articles/ ): Think about your consumer has launched a brand new product. Every thing appears to be like to be transferring easily — till the tax questions begin rolling in. Any individual forgot about gross sales tax code mapping. - Armanino (
https://www.armanino.com/articles/ ): Acquisition accounting is usually a bit difficult, and one merchandise that firms typically overlook is the accounting for working leases in a enterprise mixture. Beneath ASC 842 guidelines, firms should report almost all working leases on their steadiness sheets. However the accounting guidelines for leases acquired in a enterprise mixture will not be intuitive and might increase a bunch of issues.
